Michaud Joins House and Senate Colleagues to Reintroduce Currency Bill

Feb 10, 2011

WASHINGTON, DC – On Capitol Hill today, Congressman Mike Michaud joined a bipartisan group of members of the U.S. House and Senate to reintroduce bills in each chamber that will arm the U.S. with the tools it needs to crack down on countries that manipulate their currencies to keep their imports to the U.S. artificially cheap. Michaud has been pushing this issue for years, especially as it relates to China’s deliberate undervaluation of its currency and its negative effects on U.S. manufacturing, including Maine’s paper mills. Michaud and his colleagues successfully passed a nearly identical bill in the House last year with strong bipartisan support.

“For too long we’ve watched Democratic and Republican administrations talk tough about addressing currency manipulation but do little to nothing about it,” said Michaud, Chairman of the House Trade Working Group. “This bill will give us the tools to make China play by the rules.  It will defend our manufacturing sector from China’s illegal trade practices, and it will put Americans back to work.  I strongly urge House and Senate leaders to bring it to the floor immediately.  Our economic recovery and growth depends on it.”

The bills introduced in the House and Senate today clarify that U.S. trade remedies – specifically countervailing duties, which are commonly known as tariffs – can be used to address significant currency undervaluation that results in injury to U.S. businesses. Under the legislation, these duties can be applied when the U.S. Department of Commerce weighs all of the relevant facts and decides on that basis that the necessary legal requirements have been met.

On January 19th of this year, Michaud joined with Congressman Thaddeus McCotter (R-MI) in sending a bipartisan letter signed by 82 of their colleagues to President Obama urging him to convey to Chinese President Hu Jintao that China’s consistent violations of international trade law, including the manipulation of its currency, will no longer be tolerated.

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